{"podcast":{"title":"FICC Focus","slug":"ficc-focus-4513680","podcast_index_feed_id":4513680,"rss_url":"https://feeds.megaphone.fm/BLM4409767076","website_url":null,"image_url":"https://megaphone.imgix.net/podcasts/88e3cbf6-2784-11ec-a959-6301b8439f12/image/FICC_Focus3000.jpg?ixlib=rails-4.3.1&max-w=3000&max-h=3000&fit=crop&auto=format,compress","author":"Bloomberg L.P.","episode_count":603,"summary":"FICC Focus offers the latest market views on interest rates, corporate bonds, emerging market debt, commodities, and currencies by Bloomberg Intelligence analysts.","last_synced_at":"2026-09-04T22:20:35.152300+00:00","page_url":"https://stenobird.com/podcast/ficc-focus-4513680"},"episode":{"title":"Credit Crunch: Xponance’s McElreath on Credit Inefficiencies","slug":"credit-crunch-xponance-s-mcelreath-on-credit-inefficiencies","published_at":"2026-07-13T16:40:00+00:00","page_url":"https://stenobird.com/podcast/ficc-focus-4513680/credit-crunch-xponance-s-mcelreath-on-credit-inefficiencies","show_page_url":"https://stenobird.com/podcast/ficc-focus-4513680","url":"https://traffic.megaphone.fm/BLM5236264528.mp3","audio_url":"https://traffic.megaphone.fm/BLM5236264528.mp3","summary":"“The portfolio manager’s dilemma is, ‘Do I take risk, or do I not take risk?’” Noel McElreath, senior portfolio manager for US fixed income at Xponance, tells Bloomberg Intelligence’s Noel Hebert. “And then, ‘What is excess return telling me?’” On this episode of Credit Crunch, the pair discuss the importance of disciplined credit selection, exploiting structural inefficiencies and maintaining a long-term perspective. McElreath notes that, though current market conditions are favorable, tight spreads, investor complacency and the surge in AI-related borrowing present valuation risk. The two also talk about the implications of having a new Fed chair, the importance of dealer relationships and positioning against the benchmark. The Credit Crunch podcast is part of BI’s FICC Focus series. ","meta_description":"“The portfolio manager’s dilemma is, ‘Do I take risk, or do I not take risk?’” Noel McElreath, senior portfolio manager for US fixed income at Xponan…","key_points":[],"chapters":[],"topics":[],"duration_seconds":3573,"processing_state":"not_requested","actions":[{"name":"request_transcript","method":"POST","url":"https://stenobird.com/v1/public/podcasts/ficc-focus-4513680/episodes/credit-crunch-xponance-s-mcelreath-on-credit-inefficiencies/transcription-requests","description":"Idempotently request low-priority transcript generation for this episode."},{"name":"read_markdown","method":"GET","url":"https://stenobird.com/podcast/ficc-focus-4513680/credit-crunch-xponance-s-mcelreath-on-credit-inefficiencies.md","description":"Read the agent-friendly Markdown representation of this episode resource."}]}}